Core Viewpoint - Anta Group announced the acquisition of Jack Wolfskin for a cash consideration of $290 million, aiming to enhance its presence in the outdoor sports market and strengthen its multi-brand strategy [2][3]. Group 1: Acquisition Details - The acquisition is expected to be completed by the end of Q2 or early Q3 of 2025, subject to customary closing conditions [2]. - Jack Wolfskin has a strong presence in the outdoor lifestyle segment, with 495 stores globally, including 226 in Europe and 269 in Asia [2]. Group 2: Market Positioning - The addition of Jack Wolfskin will enhance Anta's brand matrix, focusing on the mass outdoor segment and mid-range market, allowing for a comprehensive layout in the outdoor sector [3]. - The global outdoor market is experiencing rapid growth, with China being a significant driver. Anta's subsidiary, Amer Sports, is projected to see an 18% revenue increase in 2024, with functional apparel growing by 36% [3]. Group 3: Operational Synergies - Anta's established supply chain and digital capabilities are expected to drive cost efficiency for Jack Wolfskin, leveraging its mature supply chain network in China and Southeast Asia [3]. - The collaboration between Jack Wolfskin's German engineering design team and Anta's Asian manufacturing capabilities is anticipated to create growth opportunities globally, including in China [3]. Group 4: Multi-Brand Strategy - Anta has been implementing a multi-brand strategy since acquiring the rights to the Italian brand FILA in 2009, covering various segments such as mass sports, fashion sports, and professional outdoor [4]. - The company has developed core competencies in multi-brand management, retail operations, and global resource integration, which will facilitate the rapid market positioning and brand revitalization of Jack Wolfskin [4][5]. Group 5: Future Growth Potential - The acquisition is expected to provide Anta with more market opportunities and share in the outdoor sector, reinforcing previous acquisitions in this market [5]. - Analysts predict that Anta's brands will continue to experience high growth rates in the outdoor segment through 2025, supported by increasing interest and engagement in outdoor activities [5].

4月10日，安踏体育（HK02020，股价81.55港元）公告称，附属公司安踏与Topgolf订立了一份有关买卖Callaway Germany Holdco GmbH股本权 益的买卖协议。安踏有条件地同意购入目标公司100%股本权益，基础对价为现金2.9亿美元，加上净营运资金及其他惯常调整项进行调整。预 计本次收购将于2025年第二季末或第三季初完成。目标公司于德国注册成立并在全球经营户外服饰、鞋履及装备专业品牌之一的"Jack Wolfskin"(狼爪)业务。 点评：安踏体育拟以2.9亿美元收购德国户外品牌狼爪，增强其国际市场布局和产品线多样性。投资者应关注此次收购对安踏长期增长的推动 作用，同时评估整合风险，适时调整投资策略。 NO.3 舜宇光学手机镜头3月出货量同比下降16.3% 4月10日，舜宇光学（HK02382，股价62.20港元）公告，2025年3月手机镜头出货量为9431.6万件，同比下降16.3%。车载镜头出货量同比上升 16.5%，环比上升11.5%。此外，显微仪器出货量为2.68万件，同比上涨78.8%，环比上涨46.4%；手机摄像模组出货量为3731.4万件，同比下降 10.9%。 ...

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 04 月 10 日 [Table_Title] Q1 符合预期，拟收购德国户外品牌 Jack Wolfskin 安踏体育 [Table_Title2] (2020.HK) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 2020 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 106.3/65.9 | | 目标价格(港元)： | | 总市值(亿港元) | 2,289.28 | | 最新收盘价(港元)： | 81.55 | 自由流通市值(亿港元) | 2,289.28 | | | | 自由流通股数(百万) | 2,807.21 | 我们分析，（1）美国加税对公司影响不大，海外流水仅占不到 1%。预计 2025 年主品牌收入高单位数增 长、FILA 收入中单位数增长，KOLON 和 DESCENTE 30%增长。根据公司公告，公司计划 25 年底安踏/安踏儿童 /FILA/DESCENTE/KOLON 店数分别为 6900-7000/260 ...

安踏体育(02020.HK)发布公告称，公司之附属公司（安踏）今日与 Topgolf订立了一份有关买卖 Callaway Germany Holdco GmbH股本权益的买卖协议。安踏有条件地同意购入目标公司100%的股本权 益，基础对价为现金美元 2.9 亿，加上净营运资金及其他惯常调整项进行调整。预计本次收购将于2025 年第二季末或第三季初完成。目标公司于德国注册成立并在全球经营户外服饰、鞋履及装备专业品牌之 一的"Jack Wolfskin"(狼爪)业务。 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report indicates that major US consumer companies are cautious about future fiscal year expectations, primarily due to tariff pressures and consumer downgrading trends in the US market. However, companies like Walmart and Lululemon express a more optimistic outlook for the Chinese market [3][23] - Recommendations include buying leading sportswear brand Anta Sports (02020), and considering Li Ning (02331), Xtep International (01368), and Tabo (06110) for buying or holding. Additionally, long-term prospects are favorable for resilient leading manufacturers such as Shenzhou International (02313), Weixing Co., Ltd. (002003), and Huali Group (300979) [3][23] Summary by Sections US Consumer Giants Performance - Walmart's FY26 revenue growth guidance is 3-4%, with a same-store sales increase of 23.1% in FY25Q4, driven by strong e-commerce and new store openings [10][13] - Target expects FY25 revenue growth of about 1%, with same-store sales remaining flat, facing pressure from tariffs and operational costs [14][15] - Dollar General anticipates FY25 revenue growth of 3.4-4.4%, with core consumers facing economic challenges and a notable trend of consumer downgrading [17][18] - Nike projects a mid-double-digit revenue decline for FY25Q4, with significant inventory issues and a 15% revenue drop in the Greater China region [19][20] - Lululemon expects FY25 revenue growth of 5-7%, with a strong growth forecast of 25-30% in the Greater China region [21][22] Investment Recommendations - The report suggests a cautious approach towards US consumer giants due to tariff pressures and consumer behavior changes, while highlighting positive growth prospects in China for certain brands [3][23]

Investment Rating - The report recommends "Buy" for leading sports brands like Anta Sports and Li Ning, indicating strong operational resilience and growth potential in a challenging retail environment [5][27]. Core Insights - The sports industry demonstrated strong operational resilience in 2024, with major companies like Anta Sports, Li Ning, Xtep International, and 361 Degrees showing varied revenue growth rates of +13.58%, +3.90%, -5.36%, and +19.59% respectively [1][7]. - The report anticipates continued stable growth for leading sports brands in 2025, with projections for Anta's main brand to maintain high single-digit growth and FILA to achieve mid-single-digit growth [13][14]. Summary by Sections Performance Review - Anta Sports and FILA maintained steady operations, with revenue reaching 70.826 billion CNY, while 361 Degrees capitalized on lower-tier markets, achieving a revenue increase of 19.59% to 10.074 billion CNY [1][10]. - Li Ning's revenue remained stable, with a focus on e-commerce and product diversification, leading to a 10.3% increase in online sales [9]. Marketing and Inventory Management - Anta Sports increased its sales expense ratio to 36.21%, reflecting higher investments in new product promotions and channel expansion [2][16]. - Inventory turnover days improved for Xtep International, decreasing by 10 days to 79 days, while 361 Degrees saw an increase in turnover days due to strategic inventory buildup for e-commerce [2][17]. Manufacturing Sector - Major manufacturers like Wah Lee Group and Shenzhou International reported revenue growth of 19.35% and 14.79% respectively, driven by increased demand and efficient operations [3][22]. - The overall profitability of the manufacturing sector improved, with Wah Lee's net profit margin at 15.36% and Shenzhou's gross margin increasing to 28.10% [20][21]. Investment Recommendations - The report suggests that leading sports brands like Anta Sports and Li Ning are well-positioned to outperform the industry due to their operational strengths and market strategies [5][27]. - For the manufacturing sector, Wah Lee Group is recommended as a strong player, with potential for increased market share amid industry consolidation due to external pressures [5][27].

华夏时报（www.chinatimes.net.cn）记者 周梦婷 北京报道 2024年，安踏体育用品有限公司（下称"安踏体育"，02020.HK）年度营收首超700亿元关卡，达到708.26亿元，连 续三年稳居中国市场行业首位，这一里程碑式突破展现出国货龙头在消费分级浪潮中的战略定力。然而身处高峰 之上，在行业增速放缓、消费信心修复承压的背景下，安踏体育后续如何在既有优势中挖掘新动能，旗下品牌如 何布局冲出重围备受期待。 以创新搏增长 目前，安踏体育旗下两大主力品牌主要是安踏和FILA，2024年，两者收入占比分别为47.3%、37.6%，收入分别达 到335.2亿元和266.3亿元，同比分别增长10.6%和6.1%。其中安踏品牌主要面向大众市场，FILA定位为高端的时尚 运动品牌。 对于这两个品牌当前发展现状，3月28日，《华夏时报》记者从安踏体育方面了解到，"目前以安踏品牌300多亿元 的体量和FILA接近300亿元的体量，依据国际实践的经验，不可能再像之前维持百分之十几二十几的增长，但 2024年安踏、FILA两大品牌收入分别取得了超10%和高单位数的增长，跑赢行业已经是非常不容易的事。" 在这样一个 ...

Investment Rating - The investment rating for Anta Sports is "Buy" and is maintained [6]. Core Views - Anta Sports is expected to achieve a revenue of 70.83 billion yuan in 2024, representing a year-on-year growth of 13.6%. The net profit attributable to shareholders is projected to be 15.6 billion yuan, a year-on-year increase of 52.4%. Excluding the gains from the Amer listing and placement, the net profit is expected to be 11.93 billion yuan, reflecting a 16.5% year-on-year growth. Overall, the revenue and performance are in line with expectations, although the operating profit margin (OPM) is slightly lower than anticipated after excluding government subsidies [2][4]. Summary by Sections Revenue and Profit Forecast - For 2024, Anta's revenue is forecasted at 70.83 billion yuan, with a growth rate of 14%. The net profit is expected to be 15.6 billion yuan, showing a significant increase of 52%. The earnings per share (EPS) is projected to be 5.56 yuan, with a price-to-earnings (P/E) ratio of 14.82 [9]. Brand Performance - In 2024, the revenue growth for Anta, FILA, and other brands is expected to be 10.6%, 6.1%, and 53.7%, respectively. The Anta brand is experiencing rapid growth, particularly in top-tier markets, while FILA is undergoing adjustments with a new CEO expected to drive high-quality growth [7]. Margin Analysis - The operating profit margins for Anta and FILA are projected to decline by 1.2 and 2.3 percentage points, respectively, due to increased e-commerce channel contributions and rising product development costs. The overall OPM is expected to be 21.0% for Anta and 25.3% for FILA, with government subsidies contributing positively to performance [7]. Future Outlook - Short-term challenges include pressure on OPM due to high marketing and promotion expenses. However, the long-term growth potential remains strong, particularly with the multi-channel store strategy and FILA's adjustments. The net profit forecasts for 2025-2027 are 13.4 billion, 15.0 billion, and 16.6 billion yuan, with respective year-on-year growth rates of 13%, 11%, and 11% [7][9].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 128, based on a 25x PE for 2025 [2][5]. Core Insights - Anta Sports reported a revenue increase of 13.6% year-on-year to RMB 70.826 billion for 2024, with a net profit attributable to shareholders (excluding one-time gains from Amer's listing) rising by 16.5% to RMB 11.927 billion [3][5]. - The company successfully turned around Amer Sports, contributing approximately RMB 200 million to the group's profit from joint ventures [3]. - The main brand, Anta, achieved a revenue of RMB 33.5 billion in 2024, reflecting a growth of 13.5% [4]. Financial Performance Summary - Revenue for 2024 was RMB 70.826 billion, with a growth rate of 13.6% [6]. - Net profit attributable to shareholders for 2024 was RMB 15.596 billion, showing a significant increase of 50.7% [6]. - Gross margin decreased by 0.4 percentage points to 62.2%, while operating profit margin fell by 1.2 percentage points to 23.4% [3][6]. - EPS for 2025 is projected at RMB 4.78, with a forecasted growth rate of 10.6% for revenue in 2025 [6]. Brand Performance - FILA achieved a revenue of RMB 26.6 billion in 2024, growing by 6.1% [4]. - Other brands collectively surpassed RMB 10.7 billion in revenue, marking a 53.7% increase year-on-year [4]. - The company continues to focus on multi-brand strategies, with significant growth in the number of stores for Descente and Kolon [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 113.28, representing a potential upside of 27.1% from the current price of HKD 89.15 [4][6]. Core Insights - The company is expected to achieve a core net profit growth of 16.5% in 2024, indicating a continuation of high-quality growth [2][6]. - The overall performance of the company aligns with expectations, supported by strong revenue growth across all brands and a robust financial position with net cash of RMB 31.39 billion [6][7]. Financial Summary - Revenue for 2023 is reported at RMB 62.36 billion, with projections of RMB 70.83 billion for 2024, reflecting a year-on-year growth of 13.6% [3][7]. - The net profit attributable to shareholders for 2023 is RMB 10.24 billion, with a significant increase to RMB 15.60 billion in 2024, marking a growth of 52.4% [3][6]. - The basic earnings per share (EPS) is projected to rise from RMB 3.69 in 2023 to RMB 5.55 in 2024, a growth of 50.5% [3][6]. - The company’s operating profit for 2024 is expected to be RMB 16.60 billion, with an operating profit margin of 23.4% [6][7]. Brand Performance - The main brand, Anta, recorded a revenue increase of 10.65% to RMB 33.5 billion, driven by e-commerce growth and enhanced product performance [6][7]. - FILA brand revenue grew by 6.1% to RMB 26.63 billion, while other brands saw a remarkable increase of 53.7% to RMB 10.68 billion, primarily driven by DESCENTE and KOLON [6][7]. Future Outlook - For 2025, the company anticipates high single-digit growth for the Anta and FILA brands, with other brands expected to grow by over 30% [6][7]. - The company plans to increase its overseas business contribution to 15% over the next five years, with a focus on Southeast Asia and the Middle East [6][7].